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Correction and changes in disclosures (Tables) | 12 Months Ended
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Dec. 31, 2017
Text block1 [abstract] |
Schedule of Correction of Error | The tables below reflects each of the affected financial statement line items for the prior periods, as follows: Impact on the statement of financial position (increase/(decrease)):
|  | 2017 |  |  | 2016 |
ASSETS |  |  |  |  |  |  |  |
Non - current assets |  |  |  |  |  |  |  |
Property and equipment |  | $ | (208,497 | ) |  | $ | (205,518 | )
Deferred tax assets |  |  | 527 |  |  |  | — |
Total assets |  | $ | (207,970 | ) |  | $ | (205,518 | )
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Taxes and interest payable |  |  | (11,363 | ) |  |  | — |
Non-current liabilities |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 7,439 |  |  |  | — |
Deferred tax liabilities |  |  | 1,837 |  |  |  | — |
Total liabilities |  |  | (2,087 | ) |  |  | — |
Equity |  |  |  |  |  |  |  |
Retained earnings |  |  | (205,518 | ) |  |  | (196,902 | )
Net income |  |  | (365 | ) |  |  | (8,616 | )
Total equity |  |  | (205,883 | ) |  |  | (205,518 | )
Total liabilities and equity |  | $ | (207,970 | ) |  | $ | (205,518 | )
Impact on the statement of profit or loss (increase/(decrease)):
|  | 2017 |  |  | 2016 |  |  | 2015 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Maintenance, materials and repairs |  | $ | 7,439 |  |  | $ | — |  |  | $ | — |
Depreciation and amortization |  |  | 2,979 |  |  |  | 8,616 |  |  |  | 15,660 |
|  |  | 10,418 |  |  |  | 8,616 |  |  |  | 15,660 |
Operating profit |  |  | (10,418 | ) |  |  | (8,616 | ) |  |  | (15,660 | )
Non-operating income (expense) |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on foreign currency fluctuations |  |  | 11,363 |  |  |  | — |  |  |  | — |
Profit (loss) before taxes |  |  | 945 |  |  |  | (8,616 | ) |  |  | (15,660 | )
Income tax expense |  |  | (1,310 | ) |  |  | — |  |  |  | — |
Net profit (loss) |  | $ | (365 | ) |  | $ | (8,616 | ) |  | $ | (15,660 | )
Earnings (loss) per share |  |  |  |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.01 | ) |  | $ | (0.21 | ) |  | $ | (0.36 | )
Summary of Reconciliation of Changes in Presentation in Prior Years | The following table reconcile the changes in presentation in prior years for comparative effects on the consolidated statement of financial position:
|  | As previosly reported |  |  | Reclasification |  |  | 2016 (Adjusted) |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Taxes and interest payable |  | $ | 47,389 |  |  | $ | 21,094 |  |  | $ | 68,483 |
Accrued expenses payable |  | $ | 80,116 |  |  | $ | (35,754 | ) |  | $ | 44,362 |
Income tax payable |  | $ | 22,495 |  |  | $ | (21,094 | ) |  | $ | 1,401 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  | $ | 72,694 |  |  | $ | 35,754 |  |  | $ | 108,448 |
Consolidated statement of profit or loss The Company has historically presented its IFRS consolidated statement of profit or loss “by nature and function on a ‘mixed basis” as permitted by IAS 1. During February 2017, the Company introduced a new business, planning and financial consolidation accounting system, with the objective of improving and giving greater uniformity to the structure and presentation of the consolidated financial statements. While the Company continues to present its consolidated income statement “by nature and function on a ‘mixed basis”, a new chart of accounts was implemented resulting in the reclassification of certain lines in the consolidated financial statements, as well as certain new financial statement line items. In the accompanying consolidated statements, prior periods have been retrospectively reclassified giving effect to the new classifications. The Company does not believe these reclassifications significantly affect its previously reported financial statements, nor do they have any significant impact on previously reported Key Performance Indicators (KPIs) or debt covenant compliance. There was also no impact on the Company’s basic or diluted earnings per share and no impact on the total operating, investing or financing cash flows for the years ended December 31, 2016 and 2015. The following tables discloses both previously reported and as adjusted amounts of the consolidated statement of profit or loss:
|  | 2016 |
|  | Adjusted |
Operating revenue |  |  |  |
Passenger revenue |  | $ | 2,155,167 |
Cargo and mail revenue |  |  | 53,989 |
Other operating revenue |  |  | 12,696 |
|  |  | 2,221,852 |
Operating expenses |  |  |  |
Fuel |  |  | 528,996 |
Wages, salaries, benefits and other employees’ expenses |  |  | 370,190 |
Passenger servicing |  |  | 86,329 |
Airport facilities and handling charges |  |  | 159,771 |
Sales and distribution |  |  | 193,984 |
Maintenance, materials and repairs |  |  | 121,781 |
Depreciation and amortization |  |  | 167,894 |
Flight operations |  |  | 88,188 |
Aircraft rentals and other rentals |  |  | 138,885 |
Cargo and courier expenses |  |  | 6,099 |
Other Operating and administrative expenses |  |  | 92,215 |
|  |  | 1,954,332 |
Operating profit |  |  | 267,520 |
Non-operating income (expense) |  |  |  |
Finance cost |  |  | (37,024 | )
Finance income |  |  | 13,000 |
(Loss) Gain on foreign currency fluctuations |  |  | 13,043 |
Net change in fair value of derivatives |  |  | 111,642 |
Other non-operating expense |  |  | (3,982 | )
|  |  | 96,679 |
Profit (loss) before taxes |  |  | 364,199 |
Income tax expense |  |  | (38,271 | )
Net profit (loss) |  | $ | 325,928 |
|  | 2016 Previously |
|  | Reported |
Operating revenue |  |  |  |
Passenger revenue |  | $ | 2,133,186 |
Cargo, mail and other |  |  | 88,663 |
|  |  | 2,221,849 |
Operating expenses |  |  |  |
Aircraft fuel |  |  | 527,918 |
Salaries and benefits |  |  | 293,044 |
Passenger servicing |  |  | 259,524 |
Commissions |  |  | 83,981 |
Reservations and sales |  |  | 99,918 |
Maintenance, material and repairs |  |  | 122,873 |
Depreciation, amortization and impairment |  |  | 167,894 |
Flight operations |  |  | 127,777 |
Aircraft rentals |  |  | 120,841 |
Landing fees and other rentals |  |  | 55,498 |
Other |  |  | 94,584 |
|  |  | 1,953,852 |
Operating profit |  |  | 267,997 |
Non-operating income (expense) |  |  |  |
Finance cost |  |  | (37,024 | )
Finance income |  |  | 13,000 |
Exchange rate difference, net |  |  | 13,043 |
Mark to market derivative income (expense) |  |  | 111,642 |
Other income |  |  | 2,888 |
Other expense |  |  | (7,347 | )
|  |  | 96,202 |
Profit (loss) before taxes |  |  | 364,199 |
Income tax expense |  |  | (38,271 | )
Net profit (loss) |  | $ | 325,928 |
|  | 2015 |
|  | Adjusted |
Operating revenue |  |  |  |
Passenger revenue |  | $ | 2,185,465 |
Cargo and mail revenue |  |  | 56,738 |
Other operating revenue |  |  | 11,507 |
|  |  | 2,253,710 |
Operating expenses |  |  |  |
Fuel |  |  | 603,760 |
Wages, salaries, benefits and other employees’ expenses |  |  | 373,631 |
Passenger servicing |  |  | 84,327 |
Airport facilities and handling charges |  |  | 148,078 |
Sales and distribution |  |  | 188,961 |
Maintenance, materials and repairs |  |  | 111,178 |
Depreciation and amortization |  |  | 150,548 |
Flight operations |  |  | 86,461 |
Aircraft rentals and other rentals |  |  | 142,177 |
Cargo and courier expenses |  |  | 6,471 |
Other Operating and administrative expenses |  |  | 105,484 |
|  |  | 2,001,076 |
Operating profit |  |  | 252,634 |
Non-operating income (expense) |  |  |  |
Finance cost |  |  | (33,155 | )
Finance income |  |  | 25,947 |
(Loss) Gain on foreign currency fluctuations |  |  | (440,097 | )
Net change in fair value of derivatives |  |  | (11,572 | )
Other non-operating expense |  |  | (1,632 | )
|  |  | (460,509 | )
Profit (loss) before taxes |  |  | (207,875 | )
Income tax expense |  |  | (32,759 | )
Net profit (loss) |  | $ | (240,634 | )
|  | 2015 |
|  | Previously Reported |
Operating revenue |  |  |  |
Passenger revenue |  | $ | 2,166,727 |
Cargo, mail and other |  |  | 83,335 |
|  |  | 2,250,062 |
Operating expenses |  |  |  |
Aircraft fuel |  |  | 602,777 |
Salaries and benefits |  |  | 289,512 |
Passenger servicing |  |  | 258,302 |
Commissions |  |  | 88,557 |
Reservations and sales |  |  | 88,051 |
Maintenance, material and repairs |  |  | 111,181 |
Depreciation, amortization and impairment |  |  | 150,548 |
Flight operations |  |  | 130,930 |
Aircraft rentals |  |  | 122,217 |
Landing fees and other rentals |  |  | 56,703 |
Other |  |  | 100,856 |
|  |  | 1,999,634 |
Operating profit |  |  | 250,428 |
Non-operating income (expense) |  |  |  |
Finance cost |  |  | (33,155 | )
Finance income |  |  | 25,947 |
Exchange rate difference, net |  |  | (440,097 | )
Mark to market derivative income (expense) |  |  | (11,572 | )
Other income |  |  | 7,025 |
Other expense |  |  | (6,451 | )
|  |  | (458,303 | )
Profit (loss) before taxes |  |  | (207,875 | )
Income tax expense |  |  | (32,759 | )
Net profit (loss) |  | $ | (240,634 | )

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